OPEC+ reaches conformity level of 104%
By Trend
The countries participating in the OPEC+ agreement to curb oil production has reached a conformity level of 104 percent, said a message on the cartel’s website.
The announcement was made during the meeting of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) convened in Abu Dhabi, United Arab Emirates, on November 11, 2018.
The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects, as well as scenario analysis for 2019.
The JMMC acknowledged the achievements of participating producing countries of the Declaration of Cooperation (DoC) and their continuous efforts in pursuing a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and global economy at large.
Additionally, the JMMC noted that countries participating in the
DoC have achieved a conformity level of 104 percent in October
2018.
The Committee reviewed current oil supply and demand fundamentals
and noted that 2019 prospects point to higher supply growth than
global requirements, taking into account current uncertainties.
The Committee also noted that the dampening of global economic
growth prospects, in addition to associated uncertainties, could
have repercussions for global oil demand in 2019 – and could lead
to widening the gap between supply and demand.
In advance of the scheduled meetings in December 2018, the JMMC
directed the JTC to continue closely monitoring oil market
conditions and further refine the scenario analysis based on
updated data, with regard to options on new 2019 production
adjustments, which may require new strategies to balance the
market.
The JMMC paid special tribute to HE Suhail Mohamed Al Mazrouei,
Minister of Energy and Industry of the UAE, and President of the
OPEC Conference in 2018, for graciously hosting the Committee, as
well as to all involved from the UAE for the excellent arrangements
for the meeting.
The meeting took place in advance of ADIPEC 2018, 12-15 November, a
premier international event that gathers influential ministers,
industry leaders to interact and create synergies on ‘shaping the
future world oil and gas industry’.
The next meeting of the JMMC is scheduled to take place on 5
December 2018 in Vienna, Austria.
Earlier, OPEC and several other non-OPEC producers reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.
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